Yuga Labs’ first major CryptoPunks action post-acquisition 

Noah Davis

On June 19th, Noah Davis sent a series of tweets about his new role. In his debut on Twitter, Davis announced his impending departure from Christie’s in July. 

This is the first significant update with the CryptoPunks collection since Yuga Labs acquired it from Larva Labs in March. Indeed, Yuga Labs indicated back then that it would approach the CryptoPunks with caution. The designers of Bored Ape promptly granted Punk holders exclusive economic rights over their NFTs.  

Other than that, the CryptoPunks have been relatively quiet. Given this, it is not surprising that most of Davis and Solano’s messages were on Yuga Labs’ continuous efforts to avoid actions that may annoy Punk holders. As Davis explained: 

“It is essential to establish what we WILL NOT be doing… I will not deal with punks, to put it simply. What does this entail? It means no Punks on lunchboxes or cringe-worthy television shows/cheap films. No random airdrops or expedited utilities. It implies if you appreciate your punks for what they are (simply punks), then you and I are on the same page.” 

Check out, The Top 10 NFT Sales of all time

Based on the news, was there insider trading? 

On Twitter, CryptoPunks holders reacted favourably and congratulated the announcement of Yuga Labs’ newest appointment. Despite this, there were dissatisfied community members. In particular, there were allegations of insider trading around the information. 

In the days before the announcement, there was a frenzy of secondary market activity for CryptoPunks. Consequently, some Twitter users assume that select insiders were aware of the news before it was made public. In truth, CryptoPunks saw a significant rise in its floor price, from 49.52 ETH on June 18th to 67.9 ETH at the time of writing. 

There may be an examination of whose wallets purchased Punks before the news. Regardless, it will be intriguing to watch how Yuga Labs and Davis handle CryptoPunks in the future. 

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